Nigeria will go on the full offensive to fend off the $9.6 billion judgment obtained against the country in Britain by Irish firm, Process and Industrial Development (P&ID).
The first leg of the action is to file a stay of execution at the court when it resumes from vacation by month end.
After this, the government will file an appeal. This new position is contrary to an earlier plan to consider entering into another round of negotiation with P&ID.
Following a legal review, the government is convinced that the provision of the State Immunity Act 1978 (the Act) which bars UK courts from confiscating assets of a foreign state without the consent of that state, gives it a leeway in the matter.
The decision to go all out was taken on Monday at a meeting chaired by Vice President Yemi Osinbajo at the Presidential Villa in Abuja.
The more than two-hour session was attended by Finance, Budget and National Planning Minister Zainab Ahmed; Minister of Justice Abubakar Malami (SAN); Minister of Information Lai Mohammed; and Minister of State for Petroleum Timipre Sylva.
Others are Minister of State for Niger Delta Affairs Festus Keyamo (SAN); Group Managing Director of Nigerian National Petroleum Corporation (NNPC) Mele Kyari; Acting Chairman of the Economic and Financial Crimes Commission (EFCC) Ibrahim Magu; and Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele.
The Federal Government’s team met with an American lawyer alongside Mr. Bolaji Ayorinde (SAN), who has been central to the handling of the case with P&ID.
Before the meeting commenced, Malami met with the Chief of Staff, Mallam Abba Kyari, who took him to the President’s office.